renew current tenant??

[Douglass Belt]

I have a SFH (in another state from which I live) which has been rented to the same tenant for two years. Single mother, 1 child. the lease comes due this summer, and wondering if I should renew her or look for someone else. Never had an issue with renting-near many colleges, and businesses. She has done a good job taking care of the house, has fixed things on her own, landscaped, painted, installed new ceiling fans, etc. and not a tenant who will call me "for a plugged toilet" as she can fix that on her own. She is pretty handy with many things. She is on time with rent and for the most part pretty quiet. the down side is I think she has some emotional and/or psychological problems, as once and a while she will flip out. For instance, when she found a drip in the basement (caused by condensation on a pipe during the summer), called me telling me there are pools of water, called the fire inspector, and housing department, etc. as you can imagine it is quite a ordeal. That was just one of a few incidents. As I am not able to just drive over, (250 miles away) it is not easy to just fix it or know what is really the truth. These "flip out" sessions happen once and a while and causes major headaches. It is hard to deal with her, as you never know who you will be dealing with on the phone...the "nice" tenant or the "I-am-going-into-panic-mode" tenant.

What are your opinions on having her stay. On one hand, it would be nice to have her there, no move out, cleanup, showings for prospective renters, etc. and on the other, it may be nice to get someone else in there that is more "stable" mentally.....any thoughts, suggestions?

[Marcia Maynard]

Douglass, as to your other question... Here's my take on obtaining work-life balance.

As you are experiencing, it can be a challenge to juggle the demands of FAMILY, PROFESSIONAL WORK and LANDLORDING.... To do so, my husband and I take a retreat together at least once a year to discuss our real estate investment goals and plan for the coming year, as well as ten years out. We are partners in life and partners in real estate investment. We each have our own professional full time careers and I am trustee/caregiver for my 94 year old mother. Although I am more involved in the property management aspect than my husband, he contributes in other ways that utilize his talents. It was he who got us started on this path and I thank him for his vision.

In the early years there were times when I wanted to throw in the towel and sell the rentals because it was taking a toll on our relationship. Then we started setting up systems to handle the work load. We made sure we had adequate cash reserves and adequate outside help. Thus reducing the two biggest stressors. We became adept at understanding human behavior and tenant mentality. We approach our business with a service attitude and maintain healthy respect for all of our tenants.

We took a marketing class and established a mission statement and values. With those we were re-energized with a sense of purpose. Everything changed for the better. Eighteen years later, we now have 15 rental units (6 paid off already) and are looking to expand. When people ask what we do, we can say with pride... "We strive to provide safe, clean, affordable, comfortable and quiet housing for responsible renters in the neighborhoods of west Vancouver." That is our guiding light.

So, I recommend you take your wife out to dinner and plan a retreat where you two can focus on your values and dreams. See if you both can get behind this real estate adventure as partners with a sense of purpose. Investing now, rather than later is great if you can do it without jeopardizing your family needs.

All the best to you!